The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Connected Tires Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Connected Tires Industry (2023-2028):
According to the latest report, The Connected Tires Market is projected to grow at a CAGR of around 64.3% during the forecast period, i.e., 2023-28. The report demonstrates the prominent factors propelling the exponential growth of the Connected Tires industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR: 64.3%
What are the major Driver the Connected Tires industry?
Ever-Increasing Emphasis on Vehicle Safety & Performance – Connected tires offer various benefits that improve safety, enhance vehicle performance, and provide real-time monitoring of tire pressure, temperature, & tread wear, which allows drivers to receive alerts & warnings regarding potential tire-related issues. It, in turn, reduces the risk of accidents caused by underinflated or worn-out tires. They further help maintain optimal tire pressure, maximize fuel efficiency, & enhance overall vehicle performance. Hence, with the rising cases of road accidents worldwide, there’s a growing emphasis on vehicle & passenger safety, which is driving the Global Connected Tires Market.
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Connected Tires Market Segmentation
The Connected Tires Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type of Vehicle
- Passenger Vehicles – Market Size & Forecast 2018-2028, (Thousand Units)
- Commercial Vehicles – Market Size & Forecast 2018-2028, (Thousand Units)
- By Rim Size
- 12”-17”- Market Size & Forecast 2018-2028, (Thousand Units)
- 17.1”-22”- Market Size & Forecast 2018-2028, (Thousand Units)
- More than 22”- Market Size & Forecast 2018-2028, (Thousand Units)
- By Demand Type
- OEMs – Market Size & Forecast 2018-2028, (Thousand Units)
- Aftermarket – Market Size & Forecast 2018-2028, (Thousand Units)
- By Region
- North America
- South America
- Europe
- Asia-Pacific
- The Middle East and Africa
As per the regional aspect, the Connected Tires Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/connected-tires-market.html
Top Companies in the Connected Tires Market
Bridgestone Tires, Michelin Tires, Goodyear Tire and Rubber Company, Continental AG, Pirelli, Sumitomo Tires, Hankook Tires, Nokian Tyres, Yokohama Tires, Toyo Tires, Zhongce Rubber, Kumho Tire, Trelleborg AB, MRF Tyres, JK Tyres and Others
Global Connected Tires Industry Recent Developments
On 25 April 2023, Bridgestone Americas introduced the new Greatec M847 wide-base radial tire for urban applications, i.e., engineered with enduring strength & longevity to provide fleets with uncompromising durability, improved fuel efficiency, and lower total cost of ownership. The Greatec M847 can be supported by IntelliTire, the company’s Fleet Care tire-monitoring service that provides real-time data on tire pressure, temperature, & speed to detect and avoid tire issues before they happen.
On 14 March 2023, Continental AG announced bringing an advanced package to its recently upgraded ContiConnect 2.0 tire management solution. With ContiConnect 2.0 Advanced, every tire can be tracked individually, along with its pressure, temperature, tread depth, & condition. Each tire has a digital twin in the system, through which the customer always knows which tire is fitted on which vehicle and in which position.
On 25 August 2022, Bridgestone announced a $550 million expansion and 380 new manufacturing jobs for the Warren County, Tennessee TBR (Truck & Bus Radial) tire plant in Morrison to allow for all tires made in Warren to be equipped with RFID (Radio Frequency Identification) tags that enable more efficient asset management and optimization of fleets’ investments in tires, including retreading.
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